Massachusetts "Right-To-Cure" Law Credited For Reduction In "Foreclosure Starts"

In Massachusetts, The Boston Globe reports:

• The number of foreclosure proceedings initiated in Massachusetts plummeted in June, a sign that a new state law delaying property takings is working. [...] The drop is attributed to a state law that took effect May 1 giving struggling homeowners a bit of breathing room. The so-called right-to-cure law created a 90-day period in which homeowners can "cure" mortgage delinquencies by catching up on payments or finding a buyer. Signed by the governor in the fall, the law also prevents lenders from tacking on fees during those 90 days, said David Cotney, chief operating officer for the state Division of Banks. Normal mortgage payments will continue to accrue, however. [...] Even with the cooling off period, Massachusetts is on track to have more than double the number of foreclosures this year than in 2007.

For more, see Mass. foreclosure cases plummet (New law is credited, but will the relief be just temporary?).